Verv, the Google-mentored energy tech startup behind the smart energy hub and green electricity sharing platform, recently announced that it has raised over £6.5 million (€7.5 million) in its Series A round led by environmental fund Earthworm. Earthworm has invested £5 million in Verv's pioneering IoT and renewable energy trading technology that could drive down household electricity bills and carbon emissions by over 20%. Other investors in the round include European innovation engine for sustainable energy, InnoEnergy, Crowdcube and international energy and services company, Centrica. Earthworm's investment is an important backing of Verv's vision to make millions of homes more green with a global network of smart hubs that offer a real-time breakdown of key appliance use and spend, as well as enable the trading of domestic renewable energy between communities. At Earthworm we are driven by sustainability and Verv represents a brilliant example of'enabling' technology.

Green technology has been prolific in the news recently with the UK's new industrial strategy demonstrating a step in the right direction towards embracing new technology in the energy space. There are plans in place to majorly change the way electricity is produced, used and stored, as the government becomes more aware of the need for a smarter, more flexible energy system. With UK consumers overpaying a staggering £5.4 billion a year on standard tariffs, it is time that the energy system is redesigned to optimise electricity prices and modernise the grid. As part of their strategy, the government has outlined plans to ensure that all households and businesses are given the option to have a smart meter installed. While these meters give the consumer greater control and a better understanding of their energy usage, the data made available to them only scratches the surface of what is actually possible and what can have a real impact on changing consumer behaviour.